The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 11/24/2023 -
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Citigroup Inc. (C) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance lineBroken trend resistance line
Daily :Broken trend support lineWilliams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal line
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It was the negative week for the Citigroup Inc. (C). During the week, the C gave back -0.13 points, or -0.29%, and closed at 45.23 on Friday, November 24, 2023. Weekly volume was -28% below average.

C is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See C long-term trend chart]
A long-term downtrend had started on June 2, 2021 at 80.29 and reached 38.17 on October 27, 2023. C lost 42.12 points, or 52.46%, in 125 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (17.00) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. C may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See C medium-term trend chart]
A medium-term downtrend had started on February 2, 2023 at 53.23 and reached 38.17 on October 27, 2023. C lost 15.06 points, or 28.29%, in 38 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (37.68) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. C may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See C weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since November 10, 2023. Use the following link to access a MACD help.

Short-term trend: [See C short-term trend chart]
A short-term uptrend had started on October 27, 2023 at 38.17 and reached 45.74 on November 20, 2023. C gained -7.57 points, or -19.83%, in 24 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (45.35) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.

Daily Technical Indicators: [See C daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is above its signal line since November 1, 2023. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 76.57
Williams' Percentage Range (W%R) 11.20
Overbought
Lane's Stochastic (%D-Slow) 88.73
Overbought
Greed/Fear Indicator (GFI) 84.69
Overbought
Moving Average Converg./Diverg. (MACD) 0.95
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.96
Williams' Percentage Range (W%R) 38.60
Lane's Stochastic (%D-Slow) 57.59
Greed/Fear Indicator (GFI) 58.78
Moving Average Converg./Diverg. (MACD) -1.54
Trading Signals
Description Value Chart
Upper Bollinger Band 47.68
Weekly Trendline Resistance 46.63
Daily Stochastic Crossing 45.37
Weekly Trendline Support 45.35
Price 45.23
Parabolic System 43.83
Weekly Stochastic Crossing 43.44
20 Day Moving Average 42.59
Monthly Trendline Resistance 42.32
50 Day Moving Average 41.49
Quarterly Trendline Resistance 40.46
Lower Bollinger Band 38.65
Monthly Trendline Support 37.68
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Diversified Banks 76
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 44.70
Low Date 11/21/2023
High 45.52
High Date 11/24/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 46.63
Support 45.35
Low 38.17
Low Date 10/27/2023
High 45.74
High Date 11/20/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 42.32
Support 37.68
High 53.23
High Date 02/02/2023
Low 38.17
Low Date 10/27/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Broken Resistance
Resistance 40.46
Support 17.00
High 80.29
High Date 06/02/2021
Low 38.17
Low Date 10/27/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 83.11
High Date 01/14/2020
Low 32.00
Low Date 03/18/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.